Red Sea subsidiary inks SAR 113M EPC contract with MBL

Logo of Red Sea International Co.

Red Sea International Co.’s subsidiary, The Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed an engineering, procurement and construction (EPC) contract for site preparation and infrastructure works at Jeddah Central Development Project with Modern Building Leaders Co. (MBL) worth SAR 113 million (excluding VAT).

Under the 379 day-contract, the company will provide EPC services for mechanical and electrical works (MEP) related to the site preparation and infrastructure works, the company said in a statement to Tadawul.

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The relevant financial impact will be realized starting from Q2 2024, the statement added, indicating that Red Sea International Co. and MSB Holding Co. are related parties.

Fundamental Installation is a local market leader and one of the top standalone MEP contractors, delivering world-class projects via end-to-end solutions.